5 Ways to Make Money on Twitter (TWTR)

The Internet has given people from all backgrounds the ability to take an entrepreneurial approach to their careers and make money for themselves. People make money online through affiliate programs, personal websites, Facebook advertising and YouTube channels.

However, Twitter (NYSE: TWTR) provides people with some of the best ways to make money online. If you have an entrepreneurial spirit and drive, you have a chance to make a side income and support yourself through the use of Twitter. There are several Twitter strategies that have proven effective.

1. Crowdsourcing or Crowdfunding an Idea

Crowdsourcing is the practice of using a larger community's collected thoughts and contributions to create a single product, service or idea. If you want to make money on Twitter but you don't have anything to sell, begin crowdsourcing ideas from your followers. The collective mind of Twitter users is much stronger than a single mind, and some of the best product or service ideas come from brainstorming in a group.

If you already have an idea, use Twitter as the backbone of a crowdfunding campaign. Promote the idea to your Twitter followers. Ask for money to fund the idea in return for a beta version of the product or service. Through donations from your followers, you can fund your next big idea so you can make money.

2. Sell an Existing Product or Service

Even if you have a product or service that already exists and doesn't need funding, Twitter is a great way to sell that product or service. No one will buy a product or service without a call to action. Through your use of the Twitter platform, you can sell an existing product or service with time-sensitive tweets and other calls to action.

Many small businesses promote daily deals through their Twitter profiles. A time-sensitive promotion like this is a great call to action because it entices customers to make purchases in a specific period of time.

3. Take Advantage of Sponsored Tweets

If you have enough Twitter followers, you may be eligible to take advantage of sponsored tweets. By going to the Sponsored Tweets section on Twitter, you can find business sponsors who will pay you to tweet about their products or services.

On the other hand, if you are a small business owner, you can make more money on Twitter by paying people to promote your product or service. This creates a mini-ecosystem where your business pays individuals to help you increase your revenue, allowing both parties to make money on Twitter.

4. Source New Leads and Prospects

If, for example, your small business sells widgets, you can find new leads and potential customers by searching for terms such as "in need of widgets" or "Where are the widgets?" From there, you can tweet to these users directly, letting them know where they can purchase your widgets. Combine this strategy with time-sensitive discounts to entice consumers to make purchases quicker.

5. Run a Twitter Contest

If you have enough followers on Twitter, you can engage those users through prize-driven contests. Reach out to local businesses that are looking for promotion opportunities and offer to hold a contest on Twitter with their products or services as prizes.

To make money, charge a percentage based on the number of followers who engage with the contest. To make more money with this strategy, negotiate an affiliate program with the businesses to track new customers reached through the contest.